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All the bail-out systems under the sun cannot make the eurozone work
Another week, another summit. This week's shindig of EU leaders in Brussels will be bound to focus on efforts to shore up the euro. Once again, it is likely to disappoint. The main issue is well-known; bail-outs for indigent, non-tax-paying southerners at the expense of hard-working northerners. The form book tells us that even if they come up with something, the proffered solution will be too little, too late. But the real issue goes deeper. All the bailout mechanisms under the sun cannot make the euro-zone work. Such bailouts are still, in the end, loans. Even if the interest rates are set very low, interest is due ... (full story)
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